iPhone SE 2 - Renders of what new budget iPhone could look like

The iPhone SE 2 is rumoured to be launching in 2018. Here is what a new, budget Apple smartphone could look like

In it the high street retailer said: “In 2018/19 we expect a further decline in the postpay market against which we expect to increase our share of SIMO and SIM free handsets.

“A lower forecast level of inflation (source: OBR) in 2018/19 versus prior year is expected to a drive a c£15m lower year on year contribution from network commissions income linked to RPI on mobile customer's line rental.

“Overall, gross margins are expected to be down, partially offset by cost initiatives.

“We have taken early action here with the planned closure of 92 Carphone Warehouse standalone stores this year.

“At this stage we are not expecting any material revaluation in our mobile debtor however, as seen in prior periods there can be some variability, both up and down, given market conditions.”

While Alex Baldock, who replaced Former CEO Seb James earlier this year, said: “Right now, with our international business in good shape, we’re focusing early action on the UK.